Current state of financial policy and budgetary security of Ukraine

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Current state of financial policy and budgetary security of Ukraine

Malyshko V.V.

Abstract

Анотація

Сучасний стан фінансової політики та бюджетної безпеки України

Малишко В.В.

Предметом дослідження є фінансова політика та бюджетна безпека.

Метою є дослідження сучасного стану фінансової політики та бюджетної безпеки України.

Методи, що були використані в процесі дослідження: метод порівняльного аналізу, узагальнення, статистичний та інші методи дослідження.

Результати роботи. У статті охарактеризовано сучасний стан фінансової політики та бюджетної безпеки України, проаналізовано державний борг, бюджетний дефіцит та видатки державного бюджету на фінансування потреб оборони та безпеки. Зазначено, що є її вагомим завданням та як здійснюється реалізація фінансової політики держави. Вказано на фактори, які потрібно враховувати при формуванні фінансової політики на середньострокову перспективу, її головні проблеми. Звернута увага на важливе питання для впровадження відповідної фінансової політики. Проаналізовано бюджетну безпеку держави, її основні завдання. Визначено її найважливіші критерії та, що вона повинна забезпечувати. Вказано на те, що є вихідними характеристиками та основними загрозами бюджетної безпеки, основні індикатори та пріоритети її зміцнення.

Галузь застосування результатів: Міністерство фінансів України, Верховна Рада України.

Висновки. У статті зроблений аналіз державного боргу України (у 2016 році він становив - 1929759 млн. грн., у 2017 році - 2141674 млн. грн., у 2018 році - 2168627 млн. грн., станом на 31.01.2019 року він становив - 2171918 млн. грн.), дефіциту державного бюджету України (у 2016 році він становив - 70130 млн. грн., у 2017 році - 47850 млн. грн., у 2018 році - 94116 млн. грн., станом на 31.01.2019 року він становив - 90732 млн. грн.), видатків державного бюджету на фінансування потреб оборони та безпеки (у 2016 році вони становили 58097 млн. грн., у 2017 році - 68859 млн. грн., у 2018 році - 98800 млн. грн., станом на 31.01.2019 року вони становили - 102910 млн. грн.).

Аналізуючи дані державного боргу, бюджетного дефіциту та видатків державного бюджету на фінансування потреб оборони та безпеки можна сказати про те, що на сьогоднішній день нам є над чим працювати, потрібно знаходити шляхи вирішення багатьох проблем, які виникають, задля процвітання нашої держави.

Ключові слова: фінансова політика, бюджетна безпека, державний борг, дефіцит, соціально - економічні процеси, економічне зростання.

Аннотация

Современное состояние финансовой политики и бюджетной безопасности Украины

Малышко В.В.

Предметом исследования является финансовая политика и бюджетная безопасность.

Целью является исследование современного состояния финансовой политики и бюджетной безопасности Украины.

Методы, использованные в процессе исследования: метод сравнительного анализа, обобщения, статистический и другие методы исследования.

Результаты работы. В статье охарактеризировано современное состояние финансовой политики и бюджетной безопасности Украины, проанализированы государственный долг, бюджетный дефицит и расходы государственного бюджета на финансирование нужд обороны и безопасности. Отмечено, что является ее весомой задачей и как осуществляется реализация финансовой политики государства. Указано на факторы, которые нужно учитывать при формировании финансовой политики на среднесрочную перспективу, ее главные проблемы. Обращено внимание на важный вопрос для внедрения соответствующей финансовой политики. Проанализировано бюджетную безопасность государства, ее основные задачи. Определены ее важнейшие критерии и, что она должна обеспечивать. Указано на то, что является исходными характеристиками и основными угрозами бюджетной безопасности, основные индикаторы и приоритеты ее укрепления.

Область применения результатов: Министерство финансов Украины, Верховная Рада Украины.

Выводы. В статье сделан анализ государственного долга Украины (в 2016 году он составлял - 1929759 млн. грн., в 2017 году - 2141674 млн. грн., в 2018 году - 2168627 млн. грн., по состоянию на 31.01.2019 года он составлял - 2171918 млн. грн.), дефицита государственного бюджета Украины (в 2016 году он составлял - 70130 млн. грн., в 2017 году - 47850 млн. грн., в 2018 году - 94116 млн. грн., по состоянию на 31.01.2019 года он составил - 90732 млн. грн.), расходов государственного бюджета на финансирование потребностей обороны и безопасности (в 2016 году они составляли 58097 млн. грн., в 2017 году - 68859 млн. грн., в 2018 году - 98800 млн. грн., по состоянию на 31.01.2019 года они составляли - 102910 млн. грн.). Анализируя данные государственного долга, бюджетного дефицита и расходов государственного бюджета на финансирование нужд обороны и безопасности можно сказать, что на сегодняшний день нам есть над чем работать, нужно находить пути решения многих возникающих проблем ради процветания нашего государства.

Ключевые слова: финансовая политика, бюджетная безопасность, государственный долг, дефицит, социально-экономические процессы, экономический рост.

Main part

Formulation of the problem. In a difficult period for Ukraine, i.e. the annexation of the Crimea and the military conflict in the East of the country, the financial policy and budgetary security of Ukraine are of great importance for research and analysis.

Problems in the state are increasing, and they require urgent studying and solutions, because it is financial policy and budgetary security that influence the economic development of our country and its safety.

In Ukraine actually none of the government Agencies constantly coordinates the financial policy as a whole.

An important task of the state financial policy is to increase the financial resources of the country as a whole based on the GDP basic factors growth. One of the important elements of the financial policy should be its focus on eliminating the disparities in primary income distribution between labour, capital and government.

A financial policy plays an important role for population welfare and for the country defense increase. That's why the topic proposed is always relevant and will require further research.

Analysis of recent research and publications and the unresolved part of the problem. The research of the state financial policy and budgetary security was conducted by such well-known Ukrainian scientists as O. Bilyk, I. Valuyskiy, E. Gataullina, L. Zveruk, V. Kravets, V. Malyshko, S. Onuschenko, T. Sitash, O. Tarasova, V. Yaschuk, etc.

The study of financial policy and budgetary security should be based on scientific conception of society economic development and produce the real current and strategic results. However, the individual components of such policy and directions of its development are not sufficiently investigated for today, and therefore require further scientific research.

The purpose is studying the current state of financial policy and budgetary security of Ukraine.

Presentation of the main material. Financial policy of the state is one of the main areas of its activity, and it is aimed at efficient allocation of financial resources and their use for sustainable development of the country. The objectives for fiscal policy are the efficient allocation of financial resources, the formation of financial control mechanism as well as economic and social processes regulation and stimulation.

To improve the welfare of citizens, financial policy should aim to economic growth increase, and that calls for providing the level of optimization of gross domestic product distribution. Financial policy should have a clear strategy and take into account the capabilities and needs of the national economy.

According to Gataullina E., «the priority activities of the state financial policy, which are implemented in countries with developed and transformational economies, are increasing the fiscal efficiency of the tax system, improving public finance management, improving the efficiency of medium-term budgetary planning and forecasting mechanism, decreasing in indicators of structural budget deficit and state debt, budget expenditure optimization» [1].

Fiscal policy is one of the main tools for the development of society and regulates social and economic processes. In the period of structural reforms it is necessary to enhance the impact of such a tool as state financial policy on the state's economy and to improve the mechanisms for economic growth. It is important to create such structure of the financial system, which would be based on the interaction of economic processes state regulation and self-regulatory mechanisms, and this requires the appropriate institutional system with developed financial institutions. Adaptation to changes in the structure of financial relations and to the influence of external economic factors is an important task of financial and economic policy.

Kravets V. in her study noted that «the formation of financial policy for the medium-term perspective needs to take into account the influence of exogenous and endogenous factors determining trends in socio-economic development on the economic system. The exogenous factors include the gross domestic product growth rates for the countries generating the demand for main groups of goods of domestic exports, the level of prices for export products and imported energy, the volume and structure of foreign investment, the situation on the world financial markets, which affects the ability of the state to carry out borrowings and operations on refinancing state debt. The internal economic factors include the share of gross domestic product redistribution through the budget and public target trust funds, the forecasted amount of budget revenues and expenditures, budget deficit (surplus), the amount of direct and guaranteed state debt, the ratio of savings and investment in the economy, monetary regulation» [2].

As it was investigated by Malyshko V., «the implementation of the state financial policy is carried out in the form of a set of measures implemented through the financial law, financial system and financial mechanism with the aim of full discharge the functions of the finances. Through the norms of financial law and the elements of financial system and financial mechanism the implementation of the statements of state economic development concept is carried out. If the latter is absent, one can hardly speak about any financial policy of the state» [3, p. 4.3].

Today the Ukrainian scientists exploring the financial policy of Ukraine note that its main problems are competitiveness and the lack of growth dynamics of the Ukrainian economy as well as the introduction of a new model of financial development. Solving these problems properly will give our state the impulse for moving forward, and it will have higher positions in the rankings among the most developed countries of the world. Sitash T. noted that deepening the course of market reforms on the innovative principles and their acceleration, the radicalization of systemic transformations can provide a progressive development of the state [4].

State financial policy is an important component of the economic policy of the state. The main types of financial policy include fiscal policy, monetary policy and state debt management policy. These types reveal the essence and the formation of financial policy of the state as a whole, since the economic development and budgetary security of the country depend on their implementation.

The current fiscal policy is developed on the basis of the requirements of financial strategy, taking into account the economic conditions formed. It involves overcoming the financial crisis taking place nowadays.

Each state should take care of its economic growth. For this it is necessary to create a system for stimulating the effective management of public financial resources.

In our opinion, the important factors that influence the negative development of financial policy and budgetary security are a huge deficit of state budget, growth of domestic and external state debt, the large number of unprofitable and low-profitable enterprises, growth of construction in progress. So we need to develop a strategy that would allow to avoid these phenomena and to find the optimal ways of overcoming them. Financial policy implemented through the financial system of the country does not meet the standards of economically developed countries of the EU.

As Yaschuk V. notes, «the main directions of financial policy for the medium term are the optimization of budget deficit size, improving the efficiency of budget expenditures formation and use of budget funds, strengthening the regulatory function of the tax system, implementation of liberal monetary policy, improving the system of public finance management with simultaneous stimulation of economic growth through appropriate institutional and financial mechanisms» [5].

The military conflict taking place in the East of Ukraine has led to the imbalance of the budgetary system. This is what causes the concern about financial security of the state. According to Tarasova O., «the budgetary security of the state is the condition of ensuring the public finance solvency and financial stability that enables government authorities to perform their functions as effectively as possible» [6].

As Zveruk L. and Bilyk O. note, «budgetary security is the ability of budgetary system to ensure the financial independence and sustainability of the state and to use the state budget funds effectively while carrying out the functions of social protection; public administration and international activities; financing science, education, culture and health care; insuring the national security and defence; implementation of investment and environmental policy» [7].

As the addition to the previous definition, Zveruk L. notes that «the budgetary security of the state is the condition of solvency (level of budget potential) of the state in carrying out its functions considering the balance of revenues and expenditures of state and local budgets as well as the feasibility, legality and efficiency of using the budgetary funds at all levels» [8].

After analyzing the budgetary security definition, one can see that its most important criteria is the effective use of borrowed funds for financing the budget expenditures, identifying the necessary goals that would meet the interests of the state, control over the efficiency of using budget funds according to the budget legislation.

Budgetary security is the financial stability of public finance as well as the assistance to public authorities in performing their functions effectively.

Budgetary security is estimated by the ratio of state budget deficit (surplus) to GDP, in%; the level of GDP redistribution through consolidated budget, %; the ratio of aggregate payments for state debt servicing and repayment to the state budget revenues, %» [8].

The main characteristics of budgetary security should be the ratio of revenues to expenditures of the state budget and consolidated budget. If these characteristics do not meet the budgetary security, the other indicators will be violated.

It is also considered that the ratio of tax to non-tax revenues ensures the instability of budget revenues as a whole, but tax revenues are more stable and economically justified, therefore they have a positive effect on the level of budgetary security of the state.

The economic growth of our state will be achieved if the tax burden on domestic producers is reduced; the reduction of state expenditures will lead to a reduction of the budget deficit of Ukraine. It is these indicators that will be the priority areas for reforming the country's economy [9].

The main threats to the budgetary security are:

- a high level of state debt which was estimated at UAH 1929759 million in 2016, UAH 2141674 million in 2017, UAH 2168627 million in 2018. As of 31.01.2019 it was estimated at UAH 2171918 million (Table 1);

- a large deficit of the state budget which was estimated at UAH 70130 million in 2016, UAH 47850 million in 2017, UAH 94116 million in 2018. As of 31.01.2019 it was estimated at UAH 90732 million (Table 2);

Table 1. State Debt of Ukraine, UAH mln.